Tinubu’s reforms boost businesses and restore investor confidence – Presidency

Tinubu’s reforms boost businesses and restore investor confidence – Presidency

…Challenges the opposition to engage businesses and Nigerians before criticizing the reforms

The Presidency said the ongoing economic reforms undertaken by the administration of President Bola Ahmed Tinubu are restoring confidence in Nigeria’s business environment and creating new expansion opportunities for entrepreneurs.

The Technical Assistant on Regional Development Programs in the Office of the Vice President, Dr. Nafia Abdullahi, stated this on Sunday during the commissioning of Makib Estilo, a new outlet in Central Abuja, by the Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim.

Unveiling the business structure, the minister notes that businesses are witnessing rapid growth because the Tinubu administration is supporting micro, small and medium enterprises (MSMEs) through targeted intervention funds, single-digit loans and free business formalization initiatives.

Corroborating the Minister’s position, Dr. Abdullahi attributed the company’s growth from a small shop to a diversified business to what she described as improved economic conditions under the administration’s Renewed Hope Agenda.

The presidential aide also challenged opposition politicians who criticized the administration’s economic policies to engage directly with businesses and ordinary people in Nigeria before concluding that the reforms had worsened economic conditions.

Dr Abdullahi said critics should evaluate the reforms objectively, arguing that while the economic changes may initially be difficult to absorb, Nigerians are gradually getting used to the new realities and are starting to appreciate their potential benefits.

“Change is not easy. People don’t adapt to change easily. I don’t adapt to change easily myself,” she said.

According to her, the reforms are introducing new economic realities for Nigerians, but their impact was becoming clearer as businesses and citizens adapted to them.

“What’s happening now is that the country is introducing things into Nigeria that people are not very familiar with. But along the way, they are getting used to them and seeing their importance and the positive impact they are having on the economy,” he said.

Abdullahi specifically urged opposition politicians to go beyond rumors and engage directly with businesses and Nigerians.

“They should judge us with clean eyes, they should open their eyes, interact, come to us and ask questions instead of using hearsay.

“They should relate to us with an open mind. If they really do that, I think they will see how economic reforms are affecting the country in a more positive way,” he said.

Abdullahi said the administration’s economic reforms have begun to alleviate some of the difficulties previously faced by businesses, particularly businesses dependent on imported goods.

He identified developments in the foreign exchange market as an important factor contributing to renewing confidence among entrepreneurs.

“The Renewed Hope agenda, as we all know, coming from the Presidency, is one of the biggest things happening in Nigeria. This is one of the administrations that has done good for entrepreneurs,” he said.

He recalled that the sharp depreciation of the naira had previously increased the cost of importing goods and made it more difficult to expand business.

“If you look at the dollar, as my sister mentioned before, the dollar was rising rapidly, so it was becoming difficult for us to import and bring things into Nigeria.

“But after the introduction of economic reforms, everything started to collapse. You can see that business has stabilized,” Abdullahi said.

Abdullahi said Makib Estilo, founded by Fatima Abdullahi Bono, started about seven years ago as Makib Apparels but has since evolved into a one-stop shop offering interior products, kitchenware, fabrics and other home and lifestyle items.

It said the decision to rebrand the company as Makib Estilo aimed to bring together its expanding product lines and outlets under one identity, while offering customers greater convenience.

“We are very happy with what it has become. This business started seven years ago. So, you can imagine starting from a small shop and seeing what we have today,” he added.

Makib Estilo owner Fatima Abdullahi also attributed the company’s growth to improving exchange conditions, saying the company imports most of its products and therefore remains sensitive to dollar movements.

Expressing gratitude to God, customers, well-wishers and supporters, he said the inauguration was an important milestone in the company’s evolution.

“Before we start, I want to thank Almighty Allah for allowing us to witness this day. Alhamdulillah, everything is going well. We thank all our supporters. I saw love, I saw huge support and I saw blessings,” he said.

On the impact of the foreign exchange market, he said: “We used to deal with a higher dollar rate, but with the advent of the current administration of President Bola Ahmed Tinubu, everything is going down. The dollar rate is coming down and our business is now doing very well.”

He explained that the development was significant because the company buys its products internationally and pays for them in dollars.

“Before, to get the exchange rate, we kept it very high, but now we get our products at a much better rate because the dollar is very low and we are satisfied,” he said.

The entrepreneur said Makib Estilo does not limit its operations to retail, revealing plans to attract investors and develop new business opportunities.

“Our business is not just about selling. We have space for anyone who wants to start a business. We have business ideas. We have space for investors to come and start investing.

“In the next five years, I think we will be everywhere in this country. We are also trying to go global,” he further said.

Fatima Abdullahi also praised the support and encouragement she received from women leaders in the government, particularly the Minister of Women’s Affairs, who she said welcomed her and offered helpful advice despite having had no previous dealings with her.